ADDED
As of February 26, 2026, the registrant had 25,411,252 shares of its common stock, par value $0.01 per share, outstanding.
The Company expects it will only have an accounting employee while the Advisory Agreement is in effect.
As of December 31, 2025, the Company, through the OP and the wholly owned TRS, owned 36 properties representing 13,305 units in seven states, as further described under Item 2, Properties and Notes 3 and 4 to our consolidated financial statements.
2025 Highlights Key highlights and transactions completed in 2025 include the following: JPM Facility: We entered into a $200.0 million revolving credit facility with J.P.
As of December 31, 2025, the Company had $108.0 million available for borrowing under the credit facility, $90.0 million drawn under the credit facility and a $2.0 million letter of credit outstanding.
Acquisition: We acquired one property totaling 321 units in 2025.
Details of the acquisition are in the table below (in thousands): Property Name Location Date of Acquisition Purchase Price # Units Effective Ownership Sedona at Lone Mountain Las Vegas, Nevada December 11, 2025 $ 73,250 321 100 % 5 Renovations: For the properties in our Portfolio as of December 31, 2025, we completed full and partial renovations on 1,518 units at an average cost of $3,920 per renovated unit.
Since inception, for the properties in our Portfolio as of December 31, 2025, we have completed full and partial renovations on 9,866 units at an average cost of $9,115 per renovated unit that has been leased as of December 31, 2025.
We have achieved average rent growth of 13.5%, or a $158 average monthly rental increase per unit, on all units renovated and leased as of December 31, 2025, resulting in a return on investment on capital expended for interior renovations of 20.8%.
Dividends: We declared dividends totaling $53.8 million, or $2.06 per share for the year ended December 31, 2025.
REMOVED
As of February 26, 2025, the registrant had 25,466,105 shares of its common stock, par value $0.01 per share, outstanding.
The Company expects it will only have accounting employees while the Advisory Agreement is in effect.
As of December 31, 2024, the Company, through the OP and the wholly owned TRS, owned 35 properties representing 12,984 units in seven states, as further described under Item 2, Properties and Notes 3 and 4 to our consolidated financial statements.
2024 Highlights Key highlights and transactions completed in 2024 include the following: Refinancing: We completed a 34 property refinance on property mortgage debt of approximately $1,429.0 million, increasing the outstanding mortgage debt to approximately $1,469.4 million.
We completed the refinancings with a 1.09% spread on 30-Day Average Secured Overnight Financing Rate ("SOFR") and maturity dates ranging from October 1, 2031 to December 1, 2031.
Dispositions: We sold three properties totaling 1,149 units in 2024.
Details of the dispositions are in the table below (in thousands): Property Name Location Date of Sale Sales Price Outstanding Principal (1) Net Cash Proceeds (2) Gain on Sale of Real Estate Old Farm Houston, Texas March 1, 2024 $ 103,000 $ 52,886 $ 102,704 $ 31,548 Radbourne Lake Charlotte, North Carolina April 30, 2024 39,250 20,000 38,904 18,847 Stone Creek at Old Farm Houston, Texas October 1, 2024 24,500 15,274 24,095 3,851 $ 166,750 $ 88,160 $ 165,703 $ 54,246 5 (1) Represents the outstanding principal balance when the loan was repaid at the time the property sold.
Renovations: For the properties in our Portfolio as of December 31, 2024, we completed full and partial renovations on 388 units at an average cost of $12,268 per renovated unit.
Since inception, for the properties in our Portfolio as of December 31, 2024, we have completed full and partial renovations on 8,348 units at an average cost of $10,123 per renovated unit that has been leased as of December 31, 2024.
We have achieved average rent growth of 15.0%, or a $175 average monthly rental increase per unit, on all units renovated and leased as of December 31, 2024, resulting in a return on investment on capital expended for interior renovations of 20.8%.